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Highway InfrastructureBOM:544477 -0.07%18 Piotroski F-Score is 6 as of Aug. 01, 2026, which is at its 10-year median of 6.00. GuruFocus rates BOM:544477 with a GF Score™ of 18/100. The stock has 4 warning signs investors should review. Among 1,727 Construction companies, Highway Infrastructure ranks better than 74% on this metric.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Highway Infrastructure has an F-score of 6 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Highway Infrastructure's Piotroski F-Score or its related term are showing as below:
BOM:544477'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 6 Max: 6
Current: 6
During the past 5 years, the highest Piotroski F-Score of Highway Infrastructure was 6. The lowest was 3. And the median was 6.
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Highway Infrastructure Piotroski F-Score Related Terms
Highway Infrastructure Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Highway Infrastructure's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Infrastructure Operations subindustry, Highway Infrastructure's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Highway Infrastructure Piotroski F-Score vs Construction Industry
For the Construction industry and Industrials sector, Highway Infrastructure's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Highway Infrastructure's Piotroski F-Score falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Highway Infrastructure's current Net Income (TTM) was 321.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Highway Infrastructure's current Cash Flow from Operations (TTM) was -664.
==> Negative ==> Score 0.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
Highway Infrastructure's return on assets of this year was 0.13845968. Highway Infrastructure's return on assets of last year was 0.09706663.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Highway Infrastructure's gearing of this year was 0.0515966. Highway Infrastructure's gearing of last year was 0.06081125.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Highway Infrastructure's current ratio of this year was 2.09096668. Highway Infrastructure's current ratio of last year was 1.90542252.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Highway Infrastructure's number of shares in issue this year was 66.796. Highway Infrastructure's number of shares in issue last year was 71.721.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Highway Infrastructure's gross margin of this year was 0.08478097. Highway Infrastructure's gross margin of last year was 0.09414079.
==> Last year's gross margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Highway Infrastructure's asset turnover of this year was 2.62565533. Highway Infrastructure's asset turnover of last year was 2.44635649.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Highway Infrastructure has an F-score of 6 indicating the company's financial situation is typical for a stable company.
Highway Infrastructure (BOM:544477) has a Piotroski F-Score of 6 as of Aug. 01, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Highway Infrastructure and its competitors. This is near median its historical median of 6.00. Over the past decade, Highway Infrastructure's Piotroski F-Score has ranged from 3.00 to 6.00. According to the industry distribution chart, Highway Infrastructure ranks #449 out of 1727 companies in the Construction industry, placing it in the top 26%.
Is Highway Infrastructure's Piotroski F-Score too high?
Highway Infrastructure's current Piotroski F-Score of 6 is near median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 6.00. The Construction industry median Piotroski F-Score is 5.00. Highway Infrastructure's value of 6 is 20% above this industry median. Based on the distribution chart, Highway Infrastructure ranks #449 out of 1727 companies in the Construction industry, which is above the industry midpoint. Overall, Highway Infrastructure has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does Highway Infrastructure's Piotroski F-Score compare to competitors?
According to the Construction industry distribution chart, Highway Infrastructure ranks #449 out of 1727 companies for Piotroski F-Score. This puts Highway Infrastructure in the upper half of its industry. The industry median Piotroski F-Score is 5.00. Highway Infrastructure's value of 6 is 20% above this benchmark. Historically, Highway Infrastructure's own Piotroski F-Score has ranged from 3.00 to 6.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, Highway Infrastructure has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for a Construction company?
The median Piotroski F-Score among Construction companies is 5.00, based on 1,727 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Highway Infrastructure's current Piotroski F-Score of 6 is 20% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Highway Infrastructure and its competitors. For the Construction industry, the median Piotroski F-Score is 5.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Highway Infrastructure's current Piotroski F-Score is 6, which is near median its own 10-year median of 6.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Highway Infrastructure stock overvalued right now?
Highway Infrastructure (BOM:544477) has a current Piotroski F-Score of 6. The current Piotroski F-Score is 6, which is near median its 10-year median of 6.00 and 20% above the Construction industry median of 5.00. Highway Infrastructure's overall GF Score™ is 18/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For Highway Infrastructure (BOM:544477), the current Piotroski F-Score is 6 as of Aug. 01, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Highway Infrastructure Ltd is an infrastructure development and management Company. It is engaged in the business of tollway collection, EPC Infra and real estate business. It is one of the few toll operators who have managed tollway collection based on ANPR technology on Delhi-Meerut Expressway. The Company has operated tolls on some of the known inter-state and intra-state expressways across 11 states and one Union Territory.
18GF Score
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